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28.11.19 6 NEWS MAPFRE'S revenues in the first nine months of the fiscal year rose to 21.62 billion euros, repre- senting a 6.5 percent increase on the same period of the previous year, with premiums growing by 2.5 percent to 17.65 billion. e Group's net earnings are reduced to 463 million euros (-12.5 percent), mainly due to the Asistencia goodwill impair- ment. e solid earnings perfor- mance in the Group's three main markets (Spain, Brazil and the United States) and the positive development of the business in LATAM, where premiums grew 13.3 percent, thanks to good results in Mexico, Peru and the Dominican Republic, is note- worthy. Furthermore, it is important to note that every country in the LATAM region recorded prof- its, along with an excellent com- bined ratio. is business performance was a result of greater technical strength. e combined ratio continues to improve (1.7 per- centage points) and stood at 96.4 percent for the period. Equity stood at 10.31 billion euros at the close of September 12 percent more than at Decem- ber 2018, while shareholders' eq- uity rose by 12.4 percent in the last nine months to reach 8.98 billion euros. Total assets were also up, rising 10.5 percent to total 74.34 billion euros. At the close of September, Group investments amounted to 54.75 billion euros, an increase of 11.1 percent compared to the close of 2018. e majority of these invest- ments, 56.4 percent (30.87 bil- lion euros) are sovereign debt, while 17.6 percent (9.64 billion euros) is in corporate fixed in- come, 4.7 percent in variable income (2.59 billion euros) and 2.7 percent (1.49 billion euros) in mutual funds. e Group's Solvency II ratio stood at 198 percent at the end of June 2019, with 87 percent of this in Tier 1 (highest-qual- ity) capital, maintaining great strength and stability, thanks to the Group's high level of diver- sification and strict investment and management policies. Insurance Unit premiums be- tween January and September 2019 totaled 14.94 billion euros, a 4.1 percent increase compared to the same period last year. MAPFRE RE drove its premi- um volume up by 7.6 percent to 4.08 billion euros. is figure includes Global Risks business premiums (777 million euros). MAPFRE RE's net earnings were 102 million euros (-17.6 percent), affected by an increase in non-catastrophic claim frequency coming from the MAPFRE GLOBAL RISKS portfolio. Finally, revenues at the Asist- encia business unit slipped by 0.5 percent to 761 million euros. e negative result (-86 mil- lion euros) was impacted by the goodwill impairment at sev- eral subsidiaries in the United Kingdom, the United States and Canada, as well as the provision made to restructure the business in several countries. MAPFRE's revenues grow by 6.5% to 21.62 billion euros in Q1-Q3 of the year MAPFRE Malta implement new Behavioural Training in conjunc- tion with the MAPFRE Global #DigitalChallenge. is behaviour- al training is being facilitated within the framework of MAPFRE's strate- gic initiative and commitment to- wards digital transformation. Training, which comprises of an overall of nine sessions of seven hours each, has been delivered to over 300 employees across MAP- FRE Middlesea, MAPFRE MSV Life and MAPFRE Middlesea Assist. Additionally, two more sessions are being delivered to the leaders of the aforementioned companies, consisting of training up to 12 hours for all Managers and Senior Managers within those entities. e scope of these behavioural training sessions is to manage the changes required by the organisa- tion in order to adapt to new dig- ital requirements, giving the work environment more flexibility and agility, and providing the neces- sary tools to allow for collaborative work, knowledge sharing and the development of digital profiles and new forms of leadership. In light of this, the main objectives behind the digital transformation are to place full focus on client orientation and achieve excellence in technical and operations management. e implementation of the behav- ioural training for the #DigitalChal- lenge at MAPFRE is being done on the basis of 3 preliminary corporate behaviours. e first corporate be- haviour focuses on collaboration in order to improve decision-making processes and communication by empowering employees and en- couraging them to share ideas and contribute towards obtaining the best possible results. is level of collaboration is achievable by adopting internal processes which encourage the sharing of relevant information and synthesising it with the interest of the recipient in mind, cooperating with those around you within the work environment, and getting involved in cross-cutting projects whereby employees across multiple departments may add value. Notwithstanding this, MAPFRE also encourages its employees to be agile by adapting to change and managing it in order to take deci- sions in both an efficient and effec- tive manner, whilst being ready to continuously learn new things and further develop oneself. e third behaviour encourages employees to innovate and enhance the company's strategic capabilities by identifying ideas and solutions for continuous transformation. With this behavioural training, the main goal is to develop a work culture which is trust-based and re- sults-driven. It is imperative to be agile when working with colleagues in alignment with the clients' needs, enabling each employee to man- age their time accordingly. Mutual commitment, trust and flexibility between the company and the indi- vidual will be key factors in allow- ing the focus to be placed on the outcome rather than the input it- self. us, employees will be able to decide how, when and where they work in order to be more produc- tive and effective with the objective of achieving better results. As such, the company will be able to contin- uously place the customer at the centre of focus. MAPFRE will continue to work towards sustaining a work environ- ment which elicits openness, trans- parency, innovation and teamwork within a truly collaborative envi- ronment, whilst striving to always place the customer at the focal point of its operations and strate- gies. MAPFRE Malta implement new behavioural training as part of their Global #DigitalChallenge

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